Medicare Advantage, also known as Part C or MA plan, is a kind of health insurance plan that are offered by and obtainable from private insurers contracting with Medicare, a health insurance program provided by the federal government of the United States. Medicare provides qualified beneficiaries with Medicare Part A (Hospitalization Coverage) benefits and Medicare Part B (Outpatient Medical Care Coverage) benefits. Since Medicare-approved insurance providers are in contract with the federal government’s Medicare program, they should abide by the rules and policies established by Medicare, including providing similar coverage and benefits offered by Medicare.
Medicare Advantage Plan – Questions To Ask and Answer To Make An Informed Decision
Medicare Advantage plans are offered to people ages 65 and over as well as eligible individuals with disability below 65 years of age. While Medicare does provide certain coverage and benefits, some prefer to enroll in a Medicare Advantage plan. Among the reasons would include low monthly premiums (some may not charge any) and more benefits covered compared to the Original Medicare.
When it comes to selecting a Medicare Advantage plan, many seniors don’t know where to begin and aren’t entirely sure of which plan will best suit their needs. By securing a plan that works well for you is one more good opportunity to remain at your healthiest. In order for you determine which Medicare Advantage plan is most fitting for you, there are a few questions that you have to answer so as to help you come to an informed decision.
How Much Do I Want To Be Covered?
If it’s basic coverage that you are in search of, the Original Medicare may suffice as it provides a combination of Part A coverage (hospitalization) and Part B coverage (medical services). For prescription to be covered, you will have to enroll in a separate plan for prescription drugs (Part C).
Medicare Advantage plans also cover the basics and may also include added benefits such as vision, dental, hearing, fitness, and even travel benefits which are not provided by the Original Medicare. Most MA plans include coverage for prescription drugs as well.
Will the Plan Match my Health Needs and Budget?
You need to thoroughly look at and understand the cost of every plan. This includes monthly premiums, copays, deductibles, as well as coinsurance. Know the costs of x-rays, inpatient hospital care, and outpatient surgery. Also find out if there is an annual limit or maximum on out-of-pocket costs. Above all, take into consideration the plan that seem right and sensible for your health needs and budget.
What Plan Will Cover my Prescription Medicines?
All health plan offering coverage for prescription medicines includes a formulary of prescription drugs. This is their list of medications that they cover. Do you have prescriptions that you are presently taking included in the formulary? How much will it cost you to purchase branded and generic drugs?
Are There More Benefits You Can Use?
Check if the plan offers extra benefits such as dental, hearing, vision, and fitness. Transportation, and programs on health and wellness are benefits that may be included as well. With Original Medicare, you won’t find these benefits.